Kriging methodology for regional economic analysis: Estimating the housing price in Albacete

Martínez, Matías; Lorenzo, José María Montero; Rubio, Noelia García

doi:10.1007/bf02294963

Cited by 27 publications

(13 citation statements)

References 6 publications

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“…Kriging and its technical and scienti c applications are widely discussed in literature, and the possibilities o ered by kriging methods are the subject of an ongoing debate [1,3,8,10,16]. The use of kriging in spatial analysis of property transaction prices has also been described in detail by various authors [2,12,15].…”

Section: Methodsmentioning

confidence: 99%

Land value maps of naturally valuable areas.

Cellmer¹,

Senetra²,

Szczepańska³

2012

geom

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Scenic value is an important determinant of real estate value, and it is the critical factor as regards the price of recreational and residential property. The signi cance of this factor is often marginalized in favor of location. Nonetheless, location and, to be more precise, its quality, is largely determined by the esthetic value of the surrounding space. Scenic features signi cantly contribute to the prices quoted on local property markets. The presence of greenery, forests, water and the arrangement of those spatial features directly a ect buyer a itudes and the value of property.There are various methods for representing scenic value and its in uence on the remaining spatial phenomena. The most convenient method are isolines which connect points of equal numeric value.Maps of esthetic values which present the existing condition of the landscape as the vector sum of all scenic components are rarely developed. Most analyses investigate constituent elements (water, forest, land elevation, etc.), and landscape maps which are land cover maps are created based on photographs (aerial, satellite), and they do not account for eld observations. Scenic a ractiveness is determined by one or more natural elements because the spontaneous presence of all desired features is sporadically noted. It should be stressed than not all landscape functions are represented at a given place and time. MethodologyThe correlation between scenic value and real estate function has an obvious e ect on property prices. A varied landscape with elevation di erences, a high share of forests and lakes is the preferred se ing for residential and recreational areas.

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Section: Methodsmentioning

confidence: 99%

Land value maps of naturally valuable areas.

Cellmer¹,

Senetra²,

Szczepańska³

2012

geom

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“…The possibilities offered by geostatistical methods in market analyses have been discussed by MARTINEZ et al (2000), CHICA-OLMO et al (2007, 2013, KULCZYCKI and LIGAS (2007), CICHOCIŃSKI (2009), MONTERO et al (2009), andCOLAKOVIC andVUCETIC (2012). Geostatistical methods create various possibilities in spatial analyses of transaction data, but they cannot always be used due to the adopted assumptions and the imperfect nature of the real estate market.…”

Section: Geostatistical Methodsmentioning

confidence: 99%

The Possibilities and Limitations of Geostatistical Methods in Real Estate Market Analyses

Cellmer

2014

Real Estate Management and Valuation

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In the traditional approach, geostatistical modeling involves analyses of the spatial structure of regionalized data, as well as estimations and simulations that rely on kriging methods. Geostatistical methods can complement traditional statistical models of property transaction prices, and when combined with those models, they offer a comprehensive tool for spatial analysis that is used in the process of developing land value maps. Transaction prices are characterized by mutual spatial correlations and can be considered as regionalized variables. They can also be regarded as random variables that have a local character and a specific probability distribution.This study explores the possibilities of applying geostatistical methods in spatial modeling of the prices of undeveloped land, as well as the limitations associated with those methods and the imperfect nature of the real estate market. The results are discussed based on examples, and they cover both the modeling process and the generated land value maps.

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“…Kriging is an interpolation technique of which the surrounding measured values are weighted to obtain a predicted value for an un-sampled location. It has been found that this technique has great advantages to analyze complex spatial land price distribution [42][43][44]. Equation (3) illustrates that the predicted value is a function of known values and their weights.…”

Section: Spatial Distribution Modelmentioning

confidence: 99%

A GIS-Based Web Approach for Serving Land Price Information

Yang

Sun

et al. 2015

IJGI

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Participants in the land market are usually hampered to browse and analyze the land price information due to the lack of information sources and available analysis tools. A service-oriented GIS-based web system was developed to provide a practical solution, its essential data sources contain basic geographic elements and benchmark land price (BLP)-related information. Core models for land price analysis were implemented, including land price index, spatial distribution, and parcel appraisal. The system was developed based on a four-level Browse Server (B/S) architecture using GIS and web service technologies, which enables the publishing, browsing, and analysis of the land price information via the Internet. With effective functionalities, the system has been employed in a project for updating BLP in a case study city located in China. The main advantage of the GIS-based web approach lies in its integration of spatial-temporal analysis models and web GIS technology, which allows more investors and administrators with limited domain knowledge to obtain further understanding on the change pattern and spatial distribution of land price by an online means. The experience in the case study city demonstrates that the approach has strong practicality for land price information services.

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Kriging methodology for regional economic analysis: Estimating the housing price in Albacete

Cited by 27 publications

References 6 publications

Land value maps of naturally valuable areas.

Land value maps of naturally valuable areas.

The Possibilities and Limitations of Geostatistical Methods in Real Estate Market Analyses

A GIS-Based Web Approach for Serving Land Price Information

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